Autonomous Vehicles And The Future Of Auto Insurance

"RAND social and economic well being"--Title page.

Studienarbeit aus dem Jahr 2016 im Fachbereich BWL - Bank, Börse, Versicherung, University of Westminster, Veranstaltung: MSc Finance, Banking and Insurance, Sprache: Deutsch, Abstract: The future may be uncertain and hard to predict, but it should not be hard to prepare for. Internet and other digital platforms have transformed the way people interact and how they do business in almost all sectors of the economy. This has led to far-reaching challenges and innovations that could have an impact on both current and future of numerous economic sectors. In insurance, for instance, a sector which has remained largely the same for more than three decades, it has a great influence on its value chain right from production, sales and distribution to claims and payments. This report examines self-driving cars, a digital innovation involving vehicles with the capacity to sense their environment and navigate through the pathways without human driver inputs. Their ability to analyze sensory data that in return enables them distinguish between different cars in the road increases driving efficacy and as a result likely to alter current state of both automobile and life insurance industry substantially because of the likelihood that their adoption will significantly reduce the number of traffic accidents as majority of road accidents traditionally are perceived to be caused by driver error/negligence consequently shrinking insurance bills and claims for customers. This study further examines how this innovation (autonomous cars) would influence insurance markets/business while exploring the various responses which the insurance industry has/will put in place to help cope with these changes in the future to enable them to remain sustainably relevant in the market.

The automotive industry appears close to substantial change engendered by “self-driving” technologies. This technology offers the possibility of significant benefits to social welfare—saving lives; reducing crashes, congestion, fuel consumption, and pollution; increasing mobility for the disabled; and ultimately improving land use. This report is intended as a guide for state and federal policymakers on the many issues that this technology raises.

With the advent of advanced technologies in AI, driverless vehicles have elevated curiosity among various sectors of society. The automotive industry is in a technological boom with autonomous vehicle concepts. Autonomous driving is one of the crucial application areas of Artificial Intelligence (AI). Autonomous vehicles are armed with sensors, radars, and cameras. This made driverless technology possible in many parts of the world. In short, our traditional vehicle driving may swing to driverless technology. Many researchers are trying to come out with novel AI algorithms that are capable of handling driverless technology. The current existing algorithms are not able to support and elevate the concept of autonomous vehicles. This addresses the necessity of novel methods and tools focused to design and develop frameworks for autonomous vehicles. There is a great demand for energy-efficient solutions for managing the data collected with the help of sensors. These operations are exclusively focused on non-traditional programming approaches and depend on machine learning techniques, which are part of AI. There are multiple issues that AI needs to resolve for us to achieve a reliable and safe driverless technology. The purpose of this book is to find effective solutions to make autonomous vehicles a reality, presenting their challenges and endeavors. The major contribution of this book is to provide a bundle of AI solutions for driverless technology that can offer a safe, clean, and more convenient riskless mode of transportation.

As technology revolutionizes the way cars are being built and driven, the fully autonomous-vehicle is born, an automobile that can sense traffic and environmental conditions and operate without human assistance. This will transform the automobile industry, and more specifically the automobile insurance industry. With the introduction of self-driving cars on the road, there are potential risk factors that need to be addressed and safety measures that need to be implemented before these vehicles can be sold to consumers and businesses in the market. This paper focuses on the impact of autonomous vehicles on automobile insurance for consumers, insurers, and manufacturers. As autonomous vehicles are introduced, personal cars will transform into a creative space for consumers that offer more options for customization. Ridesharing is also gaining increasing popularity in cities where personal vehicles are the primary mode of transportation. Autonomous ridesharing offers accessibility and convenience for customers and long term economical savings for businesses. The transition to fully autonomous vehicles on the road will take time, so the goal is to develop affordable insurance for consumers and businesses. These policies will aim to estimate losses and claims for insurers, set reasonable premiums, and evaluate potential changes in underwriting in order to assess the ultimate impact on the insurance industry.

The "Rethinking Insurance and Liability in the Transformative Age of Autonomous Vehicles" workshop examined the implications of autonomous vehicle technology for insurance and liability regimes. This publication summarizes key issues from the event.

This book takes a look at fully automated, autonomous vehicles and discusses many open questions: How can autonomous vehicles be integrated into the current transportation system with diverse users and human drivers? Where do automated vehicles fall under current legal frameworks? What risks are associated with automation and how will society respond to these risks? How will the marketplace react to automated vehicles and what changes may be necessary for companies? Experts from Germany and the United States define key societal, engineering, and mobility issues related to the automation of vehicles. They discuss the decisions programmers of automated vehicles must make to enable vehicles to perceive their environment, interact with other road users, and choose actions that may have ethical consequences. The authors further identify expectations and concerns that will form the basis for individual and societal acceptance of autonomous driving. While the safety benefits of such vehicles are tremendous, the authors demonstrate that these benefits will only be achieved if vehicles have an appropriate safety concept at the heart of their design. Realizing the potential of automated vehicles to reorganize traffic and transform mobility of people and goods requires similar care in the design of vehicles and networks. By covering all of these topics, the book aims to provide a current, comprehensive, and scientifically sound treatment of the emerging field of “autonomous driving".

Delving deep into the emerging international and federal statutory and legislative developments surrounding Autonomous Vehicle (AV) technologies, Atilla Kasap assesses whether current motor vehicle regulations, liability law and the liability insurance system are fit for purpose today and in the future.

Since the invention of the modern car in 1886 by Karl Benz, it has been bringing pleasure to every one of us. For nearly 130 years, the automotive industry has been a force for innovation and economic growth. Now, in the 21st century, the pace of innovation is speeding up and the automotive sector is facing a new kind of technological revolution as it approaches "fully autonomous vehicles". Self-driving vehicles clearly impact the experience of passengers. Sooner or later, it may become possible for automobiles to drive autonomously and successfully to their destinations. How will this technology change the relationship between people and their automobiles? How will self-driving vehicles change the transportation sector and our freedom of mobility as we know it today? If autonomous cars succeed, how will they change our world? This book has a focus on autonomous driving from various perspectives; it looks at what an autonomous car is and how it may come to be commonplace on our roads, as well as the factors that could prevent its development and adoption. It also reviews the potential benefits of these vehicles and how they might impact different aspects of our lives. The book also examines the challenges and hurdles that face driverless vehicles and considers some solutions to these obstacles to enable successful market penetration. Aside from the social and economic consequences of autonomous vehicles, this book also emphasizes the technical point of view. It describes the technological inventions and engineering concepts which are necessary to operate self-driving vehicles. In summary, this book provides a comprehensive overview of the current state of the art in driverless cars and makes some projections for the future. Autonomous cars no longer exist merely in the minds of children and science fiction writers. They are real and will be on roads sooner than you think

AUTONOMOUS AND CONNECTED VEHICLES Discover the latest developments in autonomous vehicles and what the future holds for this exciting technology In Autonomous and Connected Vehicles, networking experts Dominique Paret and Hassina Rebaine deliver a robust exploration of the major technological changes taking place in the field, and describe the different levels of autonomy possible with current technologies and the legal and regulatory contexts in which new autonomous vehicles will circulate. The book also includes discussions of the sensors, including infrared, ultrasound, cameras, lidar, and radar, used by modern autonomous vehicles. Readers will enjoy the intuitive descriptions of Advanced Driver Assistance Systems (ADAS), network architectures (CAN-FD, FlexRay, and Backbone Ethernet), and software that power current and future autonomous vehicles. The authors also discuss how ADAS can be fused with data flowing over newer and faster network architectures and artificial intelligence to create greater levels of autonomy. The book also includes: A thorough introduction to the buzz and hype surrounding autonomous and connected vehicles, including a brief history of the autonomous vehicle Comprehensive explorations of common issues affecting autonomous and connected vehicles, including regulatory guidelines, legislation, relevant norms and standards, and insurance issues Practical discussions of autonomous vehicle sensors, from DAS to ADAS and HADAS, and VA L3 to L5 In-depth examinations of networks and architecture, including discussions of data fusion, artificial intelligence, and hardware architecture in vehicles Perfect for graduate and undergraduate students in programs dealing with the intersection of wireless communication technologies and vehicles, Autonomous and Connected Vehicles is also a must-read reference for industry professionals and researchers seeking a one-stop reference for the latest developments in vehicle communications technology.